Bitcoin-based online gambling

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xpansive
http://www.bitcoinx.com/profit/

This proves the profitability of btc at current prices...
Click to expand...

From that link:

Estimate Strategy
Extrapolating bitcoin difficulty or price is pure voodoo. It is much easier to predict the relationship of the two parameters in form of the Mining Factor. The Mining Factor 100 is the value in USD of the bitcoins you can generate if you let a 100MHash/s miner run for 24 hours. If the Mining Factor 100 rises above $2 or so everybody buys mining equipment and thus increases difficulty. If it falls people will stop mining eventually. The estimate starts with the current Mining Factor and decreases it exponentially such that the decrease accounts for the factor decline per year. Please note that a profit/loss by holding the coins is not accounted for in this estimate.

Things to consider that might eat into your profit:
The values above are only a snapshot. The network and markets are moving quickly. Check out these diagrams to get a feeling for it.Looks like if your mining operation is not profitable now, it probably will not be in the future.

With rising bitcoin exchange rates it might be more profitable to buy bitcoins than to mine. There are spreadsheets available in this thread or this one (with some FPGA data) for a more custom calculation.Bitcoin exchanges: MtGox, Tradehill, CryptoXchange.
 
It needs to be said that BTC has a pre-planned total circulation of some 21 million BTC (which will eventually be decomposed to 8 decimal places as the price of "1 BTC" becomes too high to be of much practical use.) Right now there are 6.somehing million BTC in circulation. The final figure of 21 million will only be reached in 2140.

If the Cyprus thing is really part of the reason for the recent hike in the BTC rate, think what will happen when other countries/culures/subcultures start believing in BTC. Billions and billions of dollars competing for a tiny pool of BTC.

Buy BTC boys. You're still an early adopter if you do.

I have seen the light.
 
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Bitcoin-based online gambling? Bitcoin IS online gambling.

:guitar:
 
BTC just hit 200 CAD at my exchange.
 
matty you're going to be rich, hold on to that coin for 10 years
 
"The surge was triggered by the botched European Union bailout of Cyprus, and has attracted users who are concerned about the health of government-backed paper currencies like the euro and dollar."

i think this is bullshit, they just keep repeating it and are now believing it

you think saulty's granny is withdrawing her allowed 1000 euro a day from the bank and buying btc over in cyprus :donthinkso:
 
Matty
Not really. The higher the profitability on paper, the higher the difficulty in mining btc, since a lot more people are suddenly willing to mine. That 50GH/s rig is probably gonna be a losing proposition as soon as next month.
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Oh so whats the point.

Can I short this shit?
 
rito
Can I short this shit?
Click to expand...

Yes you can. I don't think you want to though, not in the foreseeable future.

Keep reading about it.
 
If the market is indeed reacting to massive purchase orders from Cyprus, that will end soon.

There really isn't any other logical explanation for the sharp price inflation. You need a heavy buy side (demand) for the prices to continue upward.
 
It now has the attention of mainstream media. Forbes is reporting on it daily.

This whole thing is backed by human greed, of which there seems to be no shortage.

I dunno. But I'm certainly willing to gambol. The potential upside seems fokken high.
 
Matty, everything is backed by human greed. And every economic bubble is created by it.

Sell soon.

It is not sustainable.
 
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